Bank Phb / Skye Bank Education Loan

@poster
i was @ bankphb adeola odeku v.i last week thursday and what i was told made me pretty disappointed.it goes to show that the information given out via the media is only half truth!!!
first, you need to save 10% of the total amount you'D need(e.g tuition,accommodation,maintenance etc). afterwards, to qualify for the loan, you must have 20%of the total amount(cash in hand) plus collateral worth 130% of the 80% the bank is offering. the maximum payable by the bank is 5million. the interest rate is 17-19%(customer care wasn't sure as at the time of my my inquiry) monthly!!!!. can u believe that MONTHLY!!! and you have 42months to pay back or else, the collateral will be possessed.
i was also informed that you could have a guarantor, who'D service the interests monthly till you return after which you're given 6months grace period for the commencement of your paybacks!!(assuming you'D have secured a job by then).
How interesting! is that a loan or outright intended slavery? if these banks can't offer anything better, an offer they wont even risk letting their relatives securing, they should just settle for their 'deposits and withdrawals' banking, or retail banking.
i was totally pissed and just struck it off completely from my list of alternatives for securing funds for my UK masters.

I also heard of the 19% monthly interest and its simply outrageous.
Skye bank procedures are long and not feasible as far as I'm concerned.
God go help us oh

@mikkyphp

What do they mean by monthly? Is the 17% interest compounded monthly? If so its more than slavery. Its slavery and murder.

I fully understand about the collateral though. You can't trace anyone in Nigeria.

Bank PHB should be sued for misleading Nigerians by giving out false info. Also for attempting to enslave their customers indirectly, period

Its 17% per annum.

Whilst not being an Advocate for BankPHB, there's no other bank in Nigeria that will offer you less. If they do, it will be full of hidden charges.

Those who have taken education loan in England will tell you its just as difficult to pay back over there as well.

Its unfortunate that we do not have alternatives like access to softer loans etc am sure if President Umaru included as his 8th point of Agenda, an organised way of providing Quality education to his citizens training them in areas we have skills shortage & they returning back to Nigeria after their studies to build the nation, we would not be sujected to humilation of our so called banks a.k.a. Funds Sourcing Brothels

Lets do a simple arithmetic to show how Nigeria funds Education in UK. Its mind boggling, shameful & embarassing.

Using Foundation students as a example:

(1) At least 40 Universities come to Nigeria to cart educational slaves 2 times a year for Sept entry and January entry.

(2) The average Foundation Student fee is £5,000 usually paid upfront

(3) Some UK universities give admission to at least 200 Nigerian prospects

(4) £5,000 x 200 Nigerian prospects = £1,000,000 x Sept entry and January entry = £2,000,000

(5) £2,000,000 x 40 UK Universities = £ 80,000,000 (EIGTHY MILLION POUNDS)

(6) £ 80,000,000 x exchange rate of 240:1 = =N=19,200,000,000 (NINTEEN BILLION NAIRA)

(7) =N=19,200,000,000 (NINTEEN BILLION NAIRA) provided by 800 prospective Foundation students to UK universities (this is minus other levels & Masters ooo!!!)

( Average of =N= 20,000 Student Visa fees (non refundable) paid by 800 prospective Foundation students to UK universities = =N= 16,000,000

(9) Average of =N= 100,000 Virgin Nigeria Airfares paid by 800 prospective Foundation students to UK universities = =N= 80,000,000 (Half goes to richard Branson)

NOW, FELLOW NIGERIANS, PLS TELL ME WHO IS FUNDING UK UNIVERSITIES? WHO IS FUNDING BRITISH HIGH COMMISION? WHO IS FUNDING THE AIRLINES? N I G E R I A N S

QUESTION: HAVE WE FUNDED LOCAL UNIVERSITIES WITH ANTHING CLOSE TO THESE FIGURES ANNUALLY?? SO WHY WONT WE HAVE UNEMPLOYABLE GRADUATES?

Well If the loan options you see in the media are not suitable,
Try downloading this insightful package on 5 ways to raise
some cash for your  UK Trip

Guy you are perferctly right. I was at the Asokoro branch of Bank PHB and i was annoyed i wasted my time in the sun to get there in the first place. I always wonder where we got this exploitative tendency from. you can't find it the world over only here in naija. And all of them sit on the Board of these banks and pretend to have integrity. But God is for US. sha

@ GUK

Is it about funding UK universities or getting quality education?

that is crazy men,17%-19% monthly
that one die straight!

don't be an idiot. My friend was over at the Bank to sign up for the loan. It's yearly!



Do the students need to fund the Nigerian universities with these figures before we improve our educational sector?
These fees are usually from Post Graduate students. The funding obtained from Undergrads, what benefit has accrued from it?



Post Graduate degrees usually give an individual a far better chance in the Nigerian Labour market. It's usually the case that Msc holders (especially from good foreign schools) get decent jobs. It's a gamble that usually pays off, so once the Msc hlder starts working, he can easily pay off the loan.

Many of my friends that did a Msc in Oil & Gas in the Uk are working for Oil companies. is it that class of person that will find it difficult to pay back the loan?

It's an investment. As with all investments there's an element of risk.

i feel u jare,
have u ever questioned the  amount that goes into keeping the standards up that makes it desirable.
well,before u start blaming the banks for high interest rates,how many of u guys keep your money in the bank for up to 6 months before drawing down.its a fact,cost of funds is too high,therefore interest rates will be high.
and interest will be charged yearly, prorated monthly.gbam

lol

It can never be 17% per month, otherwise it means 204% p.a ( ), which is the standard unit in banking

If you want to know what to pay monthly, google search for  Amortization Schedule Calculator then put the principal, rate and repayment period.


Shikena

@Incagold
Thanks for breaking it down. Yeah I guessed it couldn't be 17% monthly but was too lazy to do the math.

Its clearly a loan for a masters programme. The interest rate is quite high for an educational loan but interest rates in Nigeria are generally too high.    Its a high risk business.

But for a masters it OK in our current situation. Many people who thought it impossible to study abroad can make it now, maybe after a year or two of work and saving a lot. It will definitely be worth it when you come back and start enjoying a major salary boost.

My Dear, don't mind those 'Yeye people' all they know is amassing wealth to themselves. Please let me state it that

Nigerian banks have no plan what-so-ever for us, just like our government. They don't venture where the can help

selflessly. It is a pity, in some other contury when you come up with a bussiness plan, all you need is to walk up to a

bank,explain to them with statistic and forecast why they should support your idea. And they will sponsor it, but here

don't just think of that because they will help you to kill the idea.

Just look at Nigeria, full of talent and ideas but no one,no organisation to sponsor. Please God help Nigeria for hardship

is so hard here. I feel so painful when i see those children on street, God enrich me so that i can help out.

Please with the little you can do, help somebody today. That person next to you.


GOD HELP NIGERIA!!!

sad to say house, i was at bankphb yesterday (friday) 1st went to asokoro branch and the lady was as confused as Mr. Spencer and kept on making mistake, so i went to the branch close to wuse II next to Diamond bank and she broke it down for me.


1. apart from the bill that we know 10% initial capital and 20% of the school fees, u need to pay a valuer ( their own to go and value the house or landed property)
2. pay them 25,000 to go to AGIS (abuja Geographic Information System) to check all your stuffs
3. hate to say this, but its 19% and its MONTHLY!!!!! so if u want to borrow a loan for 4 million, u would pay 146,111,00 roughly a hundred and forty seven naira monthly and for 3 million u pay about a hundred and eleven thousand monthly but as you pay this month, the fee drops gradually  till u completely pay all.
4. the lady also says there are other charges for evaluation and verification apart from the AGIS fee,

the bill is not all, i just lost my patience and took off and she tried to convince me that other banks do the same, and i have paid the 10% and 20% before she told me all this!!!
i just fit no vex

please u cld also verify from any other branch and share with the house,